Financial Performance - MGM China reported a net revenue growth of 11% year-on-year, reaching HK$34.8 billion in 2025 [7] - Adjusted EBITDA increased by 10% to a historical high of HK$10 billion, maintaining an adjusted EBITDA margin of 28.8% [7] - The company achieved a market share of 16.1%, up from 15.8% in 2024, with MGM COTAI at 10.1% and MGM MACAU at 6.0% [7] Market Trends - Macau welcomed a record visitation of approximately 40 million in 2025, a 14.5% increase from 34.9 million in 2024 [2] - Gross gaming revenue (GGR) for the industry rose by 9% year-on-year to approximately MOP247 billion, equating to daily GGR of MOP678 million [2] - Daily visitation increased by 15% to 109,779, indicating a strong recovery in the tourism sector [2] Hospitality and Cultural Initiatives - MGM MACAU received seven five-star awards from Forbes Travel Guide in 2025, highlighting its commitment to exceptional hospitality [3] - The residency show "Macau 2049," created in collaboration with director Zhang Yimou, won the Weibo Cultural Tourism IP Award, showcasing MGM's role in cultural tourism [4] - The POLY MGM MUSEUM welcomed its one-millionth visitor and features exhibitions that blend traditional craftsmanship with modern technology [5][6] Strategic Developments - The company is converting rooms into approximately 60 new suites at MGM COTAI to enhance its offerings for premium customers [8] - MGM China aims to align its experiences with the Macau Government's vision to develop the city into a global tourist destination, focusing on non-gaming and entertainment events [9]

Core Insights - MGM China Holdings Limited reported a record high quarterly adjusted EBITDA and a market share increase to 16.6% [1][7]. Financial Performance - The Group's net revenue for the second quarter was HK$8.7 billion, up from HK$8.0 billion in the same period last year [7]. - Adjusted EBITDA for the quarter was HK$2.5 billion, compared to HK$2.4 billion in the previous year, with an adjusted EBITDA margin of 29.0% [7]. - On a quarter-on-quarter basis, net revenue increased by 8.4% and adjusted EBITDA rose by 6.1%, marking a historical high [7]. - Adjusted EBITDA has surpassed pre-COVID levels by 172% [7]. - Daily gross gaming revenue (GGR) grew by 12% year-on-year to MOP111.2 million, compared to MOP100.4 million in the first quarter [7]. Market Trends - Daily visitation in Macau reached 102,812, reflecting a year-on-year growth of 19% and recovering to 94% of the same period in 2019 [2]. - Headline daily GGR in Macau rose 8% year-on-year to MOP671.6 million per day, up from MOP640.6 million per day in the first quarter [2]. Property Developments - The construction of Alpha Villas at MGM MACAU was completed, with all 28 villas available as of July [3]. - MGM COTAI is converting rooms into approximately 60 new suites to enhance offerings [7]. Events and Initiatives - MGM China hosted a series of non-gaming events, including the MGM x RR1HK Culinary Masters Macau featuring Michelin star chefs [4]. - The company collaborated with the Macau Government for the MGM Artistic Swimming Elite Extravaganza & Macao Open Competition 2025 [5]. - The residency show "Macau 2049," created with filmmaker Zhang Yimou, celebrated its 100th show and received multiple awards [6]. Market Position - MGM COTAI's market share was approximately 10.5%, while MGM MACAU's market share was around 6.2% [7]. - Average occupancy for the period was 94.5% [7]. - The Group maintained a total liquidity of approximately HK$22.5 billion as of June 30, 2025 [7].